USD 26.75 billion
Report ID:
SQMIG35A2544 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
97
|Figures:
80
Global Portable Medical Devices Market size was valued at USD 26.75 billion in 2022 and is poised to grow from USD 29.77 billion in 2023 to USD 70.11 billion by 2031, growing at a CAGR of 11.3% in the forecast period (2024-2031).
In recent years, there has been a notable expansion and change in the global portable medical equipment market. Compact and easy-to-use medical gadgets catering to consumers as well as medical providers are included in this market segment.
The need for accessible and affordable healthcare solutions, rising chronic illness rates, growing healthcare awareness, and technology breakthroughs are the main factors propelling this market's expansion. Products like glucose meters, blood pressure monitors, pulse oximeters, wearable health trackers, and portable ultrasound machines are examples of portable medical gadgets. The benefit of real-time monitoring that these gadgets provide is the ease with which patients can keep tabs on their health concerns.
They also supply important data for diagnosis and treatment planning to medical experts. Because portable medical gadgets allow for remote monitoring and telemedicine, they have become increasingly popular as a result of the COVID-19 epidemic. This is because they have made in-person trips to healthcare facilities unnecessary. The aforementioned tendency is anticipated to persist beyond the epidemic, as it improves healthcare accessibility and alleviates pressure on healthcare systems.
However, the growth of the global portable medical devices market can possibly be stunted due to challenging factors such as issues with regulatory compliance and rising concerns about data privacy. Despite the probable disruption, any preemptive measures planned by the industry can ensure market growth remains on the upward trajectory.
Global Market Size
USD 26.75 billion
Largest Segment
Cardiology
Fastest Growth
Respiratory
Growth Rate
11.3% CAGR
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Market segmentation based on product includes Diagnostic Imaging, CT, X-ray, Ultrasound, Endoscope, Therapeutics, Insulin Pump, Nebulizer, Oxygen Concentrator, Image-guided Therapy Systems, Monitoring Devices, Cardiac Monitoring, Holter Monitors, Resting ECG System, Stress ECG Monitors, Event Monitoring Systems, ECG Management Systems, Neuromonitoring, EEG Machines, EMG Machines, ICP Monitors, MEG Machines, Cerebral Oximeters, Respiratory Monitoring, Capnographs, Spirometers, Peak Flow Meters, Fetal Monitoring, Neonatal Monitoring, Hemodynamic Monitoring Systems, Vital Sign Monitors, Smart Wearable Medical Devices. Based on Application, the market is divided into Gynecology, Cardiology, Gastrointestinal, Urology, Neurology, Respiratory, Orthopedics, Others. Regionally, the market is split into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Product
Monitoring devices have long been a leading category in the portable medical devices market. Numerous health factors, including blood pressure, glucose levels, heart rate, and oxygen saturation, are monitored by these devices. The aging population, the rising incidence of chronic illnesses, and the rising need for ongoing health monitoring are all factors contributing to this segment's dominance.
Conversely, the fastest-growing segment is anticipated to be diagnostic imaging. Within the portable medical devices market, the diagnostics category has demonstrated notable development potential. This section covers portable diagnostic equipment, including point-of-care testing devices, portable X-ray machines, and handheld ultrasound devices. The need for quick diagnostic solutions, particularly in rural or underserved areas, combined with technological improvements and growing awareness of early disease detection are some of the drivers driving this market's explosive expansion.
Analysis By Application
Historically, the field of cardiology has dominated the use of portable medical devices. Arrhythmias, hypertension, and heart disease are just a few of the heart-related disorders that these devices are used to monitor and diagnose. Devices frequently used in cardiology include cardiac event monitors, blood pressure monitors, and portable ECG monitors.
Conversely, one of the segments in the portable medical devices market that has grown the fastest is the respiratory sector. The demand for easy home-based monitoring and treatment options, as well as the growing prevalence of respiratory disorders (such as COPD and asthma), can be related to this trend. Nebulizers, pulse oximeters, and portable spirometers are a few of the equipment utilized for respiratory purposes.
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North America has long held a leading position in the global portable medical devices market. Particularly in the United States, there is a substantial need for portable medical devices, a well-established healthcare infrastructure, and high healthcare spending. North America leads this market due in part to factors like a big aging population, rising chronic disease rates, and a strong emphasis on the implementation of healthcare technology.
The APAC region has sealed its place in the market as the fastest-growing segment. With rising disposable incomes, improved access to healthcare services, and growing healthcare awareness in countries like China, India, and Japan, the market has grown exponentially in the Asia-Pacific area. As a result of the region’s government making efforts to upgrade the healthcare system and reduce healthcare disparities, the region has contribute the the growth of the global portable medical devices market
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Drivers
Technological Advancements:
Rising Chronic Diseases:
Restraints
Regulatory Challenges:
Data Privacy and Security Concerns:
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The fierce competition in the global portable medical equipment market is driven by the technological improvements in the industry and the rising demand for convenient healthcare solutions. Industry giants like Medtronic, GE Healthcare, Siemens Healthineers, and Philips Healthcare have asserted dominance in the market, thanks to their global reach and wide range of product offerings. Multiple new and innovative companies have joined the competitive scene in addition to the renowned players and have disrupted that market with the introduction of novel technologies. These startups focus on meeting the changing demands of users by creating networked medical gadgets that are compact and yet intuitive.Businesses like Apple, Samsung, and Fitbit (now a part of Google) have also entered this market by adding health monitoring capabilities to their wearables. As medical device manufacturers and technology companies collaborate to develop state-of-the-art portable healthcare solutions, the competitive landscape is further molded by these partnerships and collaborations. Adherence to quality standards and regulatory compliance continue to be crucial for success in an ever-changing environment. Competition is anticipated to heat up as healthcare continues to move toward individualized and remote treatment, spurring additional innovation in portable medical devices.
Top Player’s Company Profile
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Our analysis of the global portable medical devices market shows that the industry has grown and changed significantly in recent years. A prominent feature of this dynamic market is the growing need for easily available and convenient healthcare solutions. Since they offer flexibility and mobility, portable medical devices are intended to improve patient care and monitoring. The aging population, the increasing incidence of chronic diseases, and the increased emphasis on preventative healthcare are major factors propelling the market's expansion. The use of portable devices for tracking vital signs, treating chronic illnesses, and promoting early diagnosis has increased as a result of these causes. Innovations in technology have been crucial in forming the commercial environment. The range of portable healthcare solutions has increased thanks to innovations like wearable fitness trackers, medical equipment that can be connected to smartphones, and portable diagnostic instruments. Furthermore, the COVID-19 epidemic has spurred the market's expansion by raising demand for portable devices used in telemedicine and remote patient monitoring. Nonetheless, industry participants continue to give significant weight to legislative obstacles, data security worries, and the requirement for strong interoperability standards. In light of the confluence of healthcare demands and technology, the global portable medical devices market is expected to rise steadily as the healthcare industry continues to change.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 26.75 billion |
Market size value in 2031 | USD 70.11 billion |
Growth Rate | 11.3% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Portable Medical Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Portable Medical Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Portable Medical Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Portable Medical Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35A2544